Behavioral factors affecting the investment decision in renewable energy projects of individual investors in Vietnam

Abstract

Investment in renewable energy technologies is seen as an effective way to stimulate sustainable
global economic growth. Although renewable energy has great potential for development and is supported
by governments in many countries, renewable energy projects have not been really paid enough attention in
developing countries. This study explores the individual investor’s investment decision-making process in
renewable energy projects. The study conducted a survey of individual investors from February 2022 to May
2022 and uses SPSS 20.0 software to process data of multivariate regresion model. The results show that
investors’ a priori beliefs, level of policy incentives, knowledge of renewable energy project, green behaviors
and knowledge of technological innovation are the factors that affect renewable energy projects investment
decision of individual investors. The results contribute to supplementing the theoretical basis of factors
affecting the decision to invest in renewable energy of individual investors, thereby providing implications to
attract individual investors to invest into renewable energy in the near future.